Banks nixing debit rewards programs

(AP) - Debit card rewards programs are vanishing at several major banks.

Debit rewards are given to customers for actions like spending and making minimum deposits.

Customers then redeem the points they collect for cash or gifts.

Wells Fargo said Friday it will no longer offer its debit rewards program to new customers.

JP-Morgan Chase notified existing customers last week that their debit rewards programs will disappear July 19.

Banks are axing the programs in response to proposed government rules that would limit banks on how much they can charge retailers when customers use a debit card.

The banks say they need to make up for the lost revenue.

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